355SC: Security Corporation Excise Return (2025)
Massachusetts · Massachusetts DOR · Used for tax years 2025
Form 355SC is the Massachusetts Security Corporation Excise Return for 2025. It reports income, calculates the Class 1 or Class 2 excise, and accounts for credits and payments to determine a balance due or overpayment. This return must be filed electronically; paper returns are n
Who files this form
Form 355SC is the Massachusetts Security Corporation Excise Return for tax year 2025. It has entries for Class 1 and Class 2 security corporations.
The form asks when the corporation was first classified as a security corporation and whether it continues to qualify. The supplied text does not explain the qualification rules.
What you'll need
- Keep an exact copy of U.S. Form 1120 or 1120-RIC, including all applicable schedules and forms supporting the Massachusetts excise. These must be available to the Department of Revenue upon request. Explain any changes or amendments to U.S. amounts in detail.
- Gather income figures, tax payment records, and balance sheet information for the start and end of the tax year.
- Enclose a schedule for income adjustments and the supporting schedules requested in Schedule A for applicable assets, liabilities, and retained earnings.
- Use Schedule CMS for total credits and Schedule 63-WH, line 14, for corporate excise withheld, if applicable.
- If you indicate that the corporation continues to qualify as a security corporation, enclose a statement explaining changes in corporate activity since it last qualified.
- Enclose an ownership schedule if, at any time during the tax year, your corporation owned more than 50% of another corporation’s voting stock, or any single entity owned more than 50% of your corporation’s voting stock.
How to file
File electronically. Paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. The form directs filers to the DOR electronic filing and payment requirements and TIRs 16-9 and 21-9 for more information.
Common mistakes
- Do not submit a paper return. Electronic filing is required.
- Use whole dollars when computing the excise.
- Do not prorate the minimum excise.
- Do not include the prior-year overpayment from line 14 again in estimated payments on line 15.
- Use line 17, payment with the original return, only when amending a return.
- In the ownership information section, include loans, accounts receivable, and accounts payable when reporting amounts owed by or to the corporation.
Questions people ask
How is the excise calculated for each class?
The form multiplies Massachusetts gross income on line 4 by .0033 for Class 1 or .0132 for Class 2. After credits, compare line 9 with the minimum excise on line 10 and enter the larger amount on line 11.
Must I send my federal return with Form 355SC?
The form says an exact copy of U.S. Form 1120 or 1120-RIC and the applicable supporting schedules and forms must be made available to the Department of Revenue upon request.
Can an overpayment be applied to next year?
Yes. Enter the amount to credit to next year on line 19. Line 20 shows the refund amount after subtracting line 19 from the overpayment on line 18.
Who signs the return?
The form calls for the signature of an appropriate officer. The declaration states, under penalties of perjury, that the return and enclosures are true, correct, and complete to the best of the signer’s knowledge and belief.